The Czech Republic’s economic output shrank in the first three months of this year, following growth in the previous two quarters, amid a resurgence in the coronavirus pandemic.

Gross domestic product decreased 0.3 percent quarter-on-quarter after a 0.6 percent increase in the fourth quarter of 2020, preliminary estimates from the statistical office showed Friday. Economists had forecast 1.0 percent decline.

In the first quarter of 2020, the economy shrank 3.1 percent as the coronavirus pandemic started impacting economic activity across the world.

On a year-on-year basis, GDP fell 2.1 percent in the first quarter after a 4.8 percent fall in the previous three months. Economists had expected a 2.6 percent drop.

The negative year-on-year development of GDP was influenced mainly by continuously decreasing final?consumption expenditure of households, the statistical office said.

Meanwhile, positive contribution came from the final consumption expenditure of general government and external demand.

Employment grew 0.2 percent quarter-on-quarter and fell 1.6 percent from the same quarter last year.

The material has been provided by InstaForex Company – www.instaforex.com

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